105138 Federal Register / Vol. 89, No. 247 / Thursday, December 26, 2024 / Notices 

94See Find An Attorney, https://www.finra.org/ 

arbitration-mediation/about/find-attorney. 

95 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(4). 

5Securities Exchange Act Release No. 72763 

(Aug. 5, 2014), 79 FR 46886 (Aug. 11, 2014) (SR– 

DTC–2014–08). 

6Available at www.dtcc.com/∼/media/Files/ 

Downloads/legal/issue-eligibility/eligibility/ 

operational-arrangements.pdf. 

7Each capitalized term not otherwise defined 

herein has its respective meaning as set forth the 

Rules, By-Laws and Organization Certificate of DTC 

(the ‘‘Rules’’) available at www.dtcc.com/legal/ 

rules-and-procedures. 

which has processes to respond to 

misconduct of attorneys subject to its 

jurisdiction. 

With respect to St. John’s comment, 

FINRA notes that any increase to the 

$50,000 threshold for simplified 

arbitrations would require a separate 

proposed rule change as the focus of 

this proposed rule change is on 

accelerating the processing of arbitration 

proceedings for parties who qualify 

based on their age or health condition 

rather than claim size. 

Finally, with respect to Iannarone’s 

comment, FINRA notes that its website 

offers several resources to help parties 

find an attorney.94

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) by order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

FINRA–2024–021 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–FINRA–2024–021. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at the principal office of 

FINRA. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–FINRA–2024–021 and should be 

submitted on or before January 16, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.95

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2024–30680 Filed 12–23–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101964; File No. SR–DTC– 

2024–015] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change to DTC’s New 

Issue Information Dissemination 

Service To Unwind a Prior Rule Filing 

and Provide a More Accurate 

Description of the Service 

December 18, 2024. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

12, 2024, The Depository Trust 

Company ‘‘DTC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II and III 

below, which Items have been prepared 

by the clearing agency. DTC filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A) of the Act 3 and Rule 

19b–4(f)(4) thereunder.4 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change will (i) 

correct DTC’s rule filing record by 

unwinding a prior rule filing (‘‘2014 

Filing’’) 5 regarding DTC’s New Issue 

Information Dissemination Service 

(‘‘NIIDS’’) and (ii) update the 

description of NIIDS in the DTC 

Operational Arrangements (Necessary 

for Securities to Become and Remain 

Eligible for DTC Service) (‘‘OA’’) 6 to 

more clearly describe NIIDS, as 

described in greater detail below.7

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, the 

clearing agency included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

clearing agency has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

The proposed rule change will (i) 

correct DTC’s rule filing record by 

unwinding the 2014 Filing regarding 

DTC’s NIIDS and (ii) update the 

description of NIIDS in the OA to more 

clearly describe NIIDS. 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 247 / Thursday, December 26, 2024 / Notices 105139 

8Securities Exchange Act Release No. 57768 (May 

2, 2008), 73 FR 26181 (May 8, 2008) (SR–DTC– 

2007–10). 

9NIIDS Data Elements are needed for trade 

reporting, trade matching and to set up trade 

confirmation for certain municipal securities. 

10MSRB Rule G–34(a)(ii)(C). 

11Securities Exchange Act Release No. 72763 

(Aug. 5, 2014), 79 FR 46886 (Aug. 11, 2014) (SR– 

DTC–2014–08). 12 15 U.S.C. 78q–1(b)(3)(F). 

Background 

NIIDS was established by DTC in 

2008.8 It was built to improve the 

process by which brokers comply with 

Municipal Securities Rule Making 

Board (‘‘MSRB’’) standards for making 

available certain data information 

(‘‘NIIDS Data Elements’’) pertaining to 

the reporting, comparison, confirmation, 

and settlement of trades in newly issued 

municipal securities (‘‘New Muni 

Issues’’).9 Through NIIDS, underwriters 

or other authorized representatives 

(‘‘Dissemination Agents’’) are able to 

distribute NIIDS Data Elements to data 

vendors or other users of such 

information, as required by the MSRB.10

DTC collects NIIDS Data Elements 

about New Muni Issues from 

Dissemination Agents in electronic 

format through DTC’s underwriting 

system as part of DTC’s New Muni Issue 

underwriting process. Those NIIDS Data 

Elements are then disseminated to 

market participants that subscribed to 

such information (‘‘NIIDS Subscribers’’). 

2014 Filing 

Prior to 2014, DTC was responsible 

for disseminating NIIDS Data Elements 

to NIIDS Subscribers upon approval to 

do so by the Dissemination Agent. The 

2014 Filing was a rule change by DTC 

to transfer the dissemination process 

from DTC to a non-clearing agency 

affiliate (i.e., the ‘‘NIIDS 

Disseminator’’).11 The impetus for 

moving the dissemination process was 

in anticipation of further business 

opportunities for the NIIDS 

Disseminator. However, such 

opportunities did not materialize, and 

the dissemination process was never 

transferred from DTC to the NIIDS 

Disseminator. Because the transfer never 

occurred, the OA was never updated to 

reflect the proposed changes from the 

2014 Filing. 

Since the OA was never updated and 

because DTC will remain the 

disseminator of NIIDS Data Elements, 

DTC is now proposing to correct the 

record and unwind the 2014 Filing with 

this rule filing. 

Updated NIIDS Description 

In addition to unwinding the 2014 

Filing, this proposed rule change will 

delete the current NIIDS description in 

the OA and replace that language with 

a more concise, clear, and accurate 

description of the NIIDS dissemination 

process. The proposed language would 

not change the way NIIDS works; rather, 

the new description would simply 

provide a more thorough and precise 

explanation of NIIDS. Specifically, the 

proposed rule language would (1) 

provide an improved introduction and 

explanation of the purpose of NIIDS, 

how NIIDS is integrated into DTC’s 

underwriting system (i.e., UW 

SOURCE), and give a clearer overview 

of NIIDS’s role and its regulatory 

context; (2) explain the specific process 

that the Dissemination Agent must 

follow to successfully disseminate 

NIIDS Data Elements, outline the steps 

involved, and emphasize, for clarity, 

that failure to enter the required data or 

select the dissemination function would 

prevent the information from being 

disseminated; (3) clarify the role and 

importance of NIIDS Data Elements by 

defining them and distinguishing them 

from the DTC eligibility process; (4) 

correct grammatical and technical errors 

(e.g., the term ‘‘New Issue Identification 

Dissemination System’’ would be 

replaced by the correct term ‘‘New Issue 

Information Dissemination Service’’); 

and (5) provide an updated legal 

disclaimer, which specifies that DTC 

functions solely as a conduit for NIIDS, 

disclaims responsibility for validating 

the accuracy or completeness of NIIDS 

Data Elements and limits liability for 

any faults, errors or damages arising 

from the use of NIIDS. In order to 

provide a disclaimer that is more 

precise, accurate and more aligned to 

DTC’s current disclaimer language, the 

updated disclaimer is broader, more 

detailed, and explicitly addresses data 

faults, warranties and limits liability for 

various damages, including the 

adequacy, quality, accuracy, 

completeness, or timeliness of 

information made available through 

NIIDS. 

2. Statutory Basis 

Section 17A(b)(3)(F) of the Act 

requires that the rules of the clearing 

agency be designed, inter alia, to 

promote the prompt and accurate 

clearance and settlement of securities 

transactions.12 DTC believes that the 

proposed rule change is consistent with 

the Section 17A(b)(3)(F) of the Act. 

As described above, the proposed rule 

change will (i) correct DTC’s filing 

record by unwinding the 2014 Filing, 

and (ii) remove the current description 

of NIIDS in the OA and replace it with 

an update description that more clearly 

and accurately describes the service, 

including an updated and clearer 

liability disclaimer. By unwinding the 

2014 Filing and updating and correcting 

the description of NIIDS in the OA, the 

proposed rule change clarifies for 

Participants, NIIDS Subscribers, and 

other interested parties in NIIDS how 

the service works, which, in turn, better 

enables the timely and accurate 

reporting of NIIDS Data Elements and 

their use in associated transactions. 

Therefore, DTC believes that the 

proposed rule change would help 

promote the prompt and accurate 

clearance and settlement of securities 

transactions, consistent with the 

requirements of the Act, in particular 

Section 17A(b)(3)(F) of the Act, cited 

above. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

DTC does not believe that the 

proposed rule change would have any 

impact or impose any burden on 

competition because, as described 

above, the proposed rule change simply 

corrects DTC’s filing record with respect 

to the dissemination of NIIDS Data 

Elements, and more clearly describes 

NIIDS, without making any actual 

changes to the service. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

DTC has not received or solicited any 

written comments relating to this 

proposal. If any written comments are 

received, they will be publicly filed as 

an Exhibit 2 to this filing, as required by 

Form 19b–4 and the General 

Instructions thereto. 

Persons submitting written comments 

are cautioned that, according to Section 

IV (Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Securities and 

Exchange Commission (‘‘Commission’’) 

does not edit personal identifying 

information from comment submissions. 

Commenters should submit only 

information that they wish to make 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

How to Submit Comments, available at 

www.sec.gov/regulatory-actions/how-tosubmit-comments. General questions 

regarding the rule filing process or 

logistical questions regarding this filing 

should be directed to the Main Office of 

the Commission’s Division of Trading 

and Markets at tradingandmarkets@

sec.gov or 202–551–5777. 


ddrumheller on DSK120RN23PROD with NOTICES1
105140 Federal Register / Vol. 89, No. 247 / Thursday, December 26, 2024 / Notices 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f). 

15 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4On December 2, 2024, the Exchange filed to 

amend the Fee Schedule (NYSEARCA–2024–107) 

and withdrew such filing on December 3, 2024 (SR– 

NYSEARCA–2024–109), which latter filing the 

Exchange withdrew on December 17, 2024. 

5See Trader Update, November 21, 2024 

(announcing that on November 22, 2024, the 

Exchange would begin listing and trading options 

on GBTC, BTC, and BITB), available here, https:// 

www.nyse.com/trader-update/ 

history#110000945911. 

DTC reserves the right to not respond 

to any comments received. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A) 13 of the Act and paragraph 

(f) 14 of Rule 19b–4 thereunder. At any 

time within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

DTC–2024–015 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to file 

number SR–DTC–2024–015. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of DTC 

and on DTCC’s website (www.dtcc.com/ 

legal/sec-rule-filings). Do not include 

personal identifiable information in 

submissions; you should submit only 

information that you wish to make 

available publicly. We may redact in 

part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright 

protection. All submissions should refer 

to File Number SR–DTC–2024–015 and 

should be submitted on or before 

January 16, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2024–30684 Filed 12–23–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101962; File No. SR– 

NYSEARCA–2024–114] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Modify the NYSE Arca 

Options Fee Schedule 

December 18, 2024. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on December 

17, 2024, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to modify the 

NYSE Arca Options Fee Schedule (‘‘Fee 

Schedule’’) regarding certain transaction 

fees. The Exchange proposes to 

implement the fee change effective 

December 17, 2024. The proposed rule 

change is available on the Exchange’s 

website at www.nyse.com, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this filing is to amend 

the Fee Schedule to modify certain 

transaction fees. Specifically, the 

Exchange proposes to adopt pricing 

incentives to encourage trading in 

options on Exchange Traded Funds that 

hold digital assets (‘‘digital asset ETFs’’) 

that are listed on NYSE Arca Equities. 

The Exchange proposes to implement 

the fee change effective December 17, 

2024.4

On November 22, 2024, the Exchange 

began trading options on the following 

digital asset ETFs, each of which is 

listed on NYSE Arca Equities: Grayscale 

Bitcoin Trust ETF (GBTC); Grayscale 

Bitcoin Mini Trust ETF (BTC); and 

Bitwise Bitcoin ETF Trust (BITB).5 To 

incentivize trading in these newly 

available options on digital asset ETFs 

(as well as in other options series in 

digital asset ETFs that may be listed on 

NYSE Arca Equities in the future), the 

Exchange proposes to offer a per 

contract discount or credit, which may 

be combined with other discounts or 

credits unless otherwise specified. 

Specifically, the Exchange proposes 

that executions in options on NYSE 

Arca Equities-listed digital asset ETFs 

(excluding QCC transactions) will 


ddrumheller on DSK120RN23PROD with NOTICES1